Dogecoin has finally reached a very precarious moment. The former darling of the meme token world turned into a, with recent charts unveiling a concerning decline.
Analysts made the observation that DOGE has dropped below a key resistance area that formerly acted as a crucial support level, a sign of more losses in store. Investors are now worried that in case it continues failing to find stability, it could drop another 38% to 40%. Other major support levels are at $0.055-0.0628; and breaking these could set the stage to steeper declines.
DOGE Technical Analysis in Weekly Timeframe
DOGE is in a downtrend on the weekly timeframe. The price has broken below the blue box, which was a key support, and it’s now acting as resistance.
If the market doesn’t shift from bearish to bullish, DOGE will likely drop toward the…
— Cryptorphic (@Cryptorphic1)
Dogecoin: Market Sentiment
Market sentiment now holds the key to the immediate fate of Dogecoin. Generally, it is not very optimistic at the moment. The change of status quo, that is, DOGE going back to a strong bearish reaction, would require the market to change significantly.
In the event that level of the market reaction is absent, then there may be a downward extension in . However, if the coin tries to move upward, resistance would be spotted at $0.104 and $0.118. At the same time, the support accumulation zone is marked at $0.6243. Should DOGE succeed in having a bounce above these key levels, its short-term prospects remain uncertain.
On-Chain Data And Holder Behavior
However, on-chain data from IntoTheBlock was able to provide some insight into holder sentiment. The data showed that around 73% of the current holders of Dogecoin at current prices are in profit. In particular, 67% of these holders have kept their DOGE for more than a year, in other words, strong hands in the market. That, while the short-term perspective remains cautious, there is serious long-term holder confidence.
Long-Term Potential And Forecast
While the resistance continues at the moment, there seems to be a silver lining for DOGE’s long-term growth. For the next three months, CoinCheckup reports that DOGE is. And all these potential highs can be supported by technical indicators: at the time of writing, both the Relative Strength Indicator (RSI) and the Moving Average Convergence Divergence (MACD) suggest an upward course.
DOGE market cap currently at $14.8 billion. Chart:
With a position above key support levels and the overall crypto market remaining firm, this should translate to massive gains.
Source:
Six months down the line, the outlook looks bright – there can be growth of 61.58%. This is a medium-term peek into the projections for Dogecoin. Expected to be surging by 64.49% at the end of the year, indeed the demand for Dogecoin and compatibility with the progressive positive development taking shape within the cryptocurrency ecosystem will fuel growth.
In the short term, Dogecoin remains uncertain amid bearish trends and critical support levels. Nevertheless, the long-term perspective looks promising if market conditions should improve. Data that most of the long-term holders are currently in profits adds another layer of optimism. There is a required application of due care by investors in maintaining a balance between optimism and caution at the same time while keeping an eye on technical indicators and the general market direction.
Featured image from X/@adultswim, chart from TradingView
They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
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Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!
So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
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